我国货币供给冲击传导途径研究  

Study on Transmission Approaches of China's Money Supply Shocks

作　　者：魏金明[1] 陈敏[2] 翟永会[1] 

机构地区：[1]西安交通大学经济与金融学院,西安710061 [2]山东理工大学经济学院,山东淄博255049

出　　处：《经济问题》2010年第10期73-78,共6页On Economic Problems

基　　金：国家社会科学基金项目(10XJY0014);北京大学汇丰金融研究院公开招标课题"中国企业年金缴费率与给付方式选择及投资策略研究"

摘　　要：我国货币供给冲击的传导途径及资产价格和其他经济变量在其中发挥的作用有其特殊性。基于SVAR模型的实证研究表明,我国从货币供给冲击到通货膨胀的传导是通过投资和资产价格两个并行的途径进行的,其中投资发挥着主要作用,资产价格发挥着次要作用,其他经济变量的传导作用非常小。投资和资产价格主要通过对生产和生活成本的影响直接将货币供给冲击传导至通货膨胀,这使得我国通货膨胀更具备成本推动型特征。Both the transmission approaches of Chinese money supply shocks to inflation and the roles of asset prices together with the other economical variables in it have their own particularity.Based on the empirical study of SVAR models,this paper turns out that there are two parallel transmission approaches of China＇s money supply shocks to inflation,among which investment plays a major role and asset prices play a subordinate one.In addition,investment and asset prices transmit money supply shocks to inflation primarily by impacting production and living cost.From this angle,it can be concluded that china＇s inflation is of cost-push characteristics.

关 键 词：货币供给冲击 投资 资产价格 传导路径 通货膨胀 

分 类 号：F822[经济管理—财政学]